How to sell B2X before the fork.

[TheGodson]

I sent this message to hitbtc support:

I see that there is the option to buy B2X before the fork. Is it possible to sell B2X before the fork with an equivalent amount of Bitcoin?



My response was:

Dear Trader,

 Thank you for reaching out!

 Please follow our blog - https://blog.hitbtc.com/ and Twitter - https://twitter.com/hitbtc : as soon as we  receive the information on B2X fork it will be announced there.

Regards,
(insert name here)
HitBTC Support team


This wasn't particularly helpful. I was hoping for a yes or no answer.

Does anyone here know how to sell B2X future? I don't own any obviously, but I do have bitcoin. Is there any popular exchanges that are available to people in the US that allow me to do this?

Don't say Bitfinex either, because they are shutting down for US people. Also, using a VPN seems way too risky. I want to dump my B2X as soon as possible. Help me guys, time is of the essence.

[Xavofat]

Is it possible to sell B2X before the fork with an equivalent amount of Bitcoin?

What?  That would just be creating money out of nowhere.  The fork has to happen for you to actually own the coin.  You can't just get it and sell it before it even exists.

The point of these futures is to trade non-existent coins based on what you predict that they will be worth once they come into existence by being distributed to BTC holders.  If they have not been distributed to BTC holders, how can you expect to sell them already?

I want to dump my B2X as soon as possible.

Then you'll have to have a good method of protecting yourself against replay attacks at the time of the fork, or you'll have to hold your coins in an exchange that says they will distribute the coin at a 1:1 ratio to BTC as soon as it occurs.

[rainbow169]

you can do that effectively by trading the futures in supported exchanges. However I would probably hold both them for a while until it's clear who the winner is.

[Sachinist]

Nope. B2X must exist, which it does not yet, for B2x future option.

[marky89]

Does anyone here know how to sell B2X future? I don't own any obviously, but I do have bitcoin. Is there any popular exchanges that are available to people in the US that allow me to do this?

Don't say Bitfinex either, because they are shutting down for US people. Also, using a VPN seems way too risky. I want to dump my B2X as soon as possible. Help me guys, time is of the essence.

A VPN with IP/DNS leak protection like Private Internet Access should do the trick for Bitfinex. They will definitely be the most liquid market. There's two things to consider with coin split contracts vs. futures contracts: If the fork doesn't happen, B2X futures contracts should drop to zero. I really don't understand how delivery works in that case. So, I'd feel safer trading on Bitfinex using the coin split contracts.

The other thing is that you need to long/short futures contracts. Since delivery will occur after the fork, I don't believe there's any way to withdraw profits until you close your position. You would need to hold until delivery to realize the profits and actually "sell" the B2X.

There are two futures markets listed on Coinmarketcap (HitBTC and Exrates). Not familiar with either, but presumably these are not coin split contracts like what Bitfinex offers.

[Zarbout]

When this fork will happen? Anybody thinks it's good for bitcoin future?

[exstasie]

When this fork will happen? Anybody thinks it's good for bitcoin future?

It's hard to pinpoint the day because it's based on blocks mined, not timestamp. Giving a generous margin of error, it should occur sometime between November 12th - November 17th when Block #494,784 is mined.

I think it could be good for Bitcoin's future depending on the result. Inevitably, this won't be the last contentious hard fork, so we need to confront them someday and discover whether Bitcoin is resilient against them.

If the legacy chain remains dominant and VC-backed services and miners learn a lesson about decentralization, I think that would be a positive outcome. But unfortunately, many people may lose money on either fork due to lack of replay protection. Maybe it'll take these kind of losses to wake up the community about the dangers of forking without responsibility and etiquette. If so, I hope the #NO2X side learns the lesson as well, since they greatly threatened our money in July with the BIP148 stunt.

[TheGodson]

Grrrrr, I was excited. Thought I could short it. Kind of odd though. If you can only buy the B2X then who is selling it? The exchange itself?

[Bittoshi]

There has to be the snapshot of the fork before you can buy or sell any of the new currency (B2X). Before the snapshot anyone could sell/buy their BTC and influence the number of B2X they have this way. If you can buy B2X before the fork then either the exchange is giving you some kind of credit or some of the B2X developers are selling self mined coins.

[squatter]

Grrrrr, I was excited. Thought I could short it. Kind of odd though. If you can only buy the B2X then who is selling it? The exchange itself?

Presumably you can sell contracts short on HitBTC, too. But this all sounds pretty dicey. There are ways to do cash delivery (or bitcoin delivery) if there is a reliable underlying market and good liquidity, but here, there is neither. I don't understand how it can work unless they are splitting your coins into two different assets, like what BTCC and Bitfinex are doing. As long as the exchange is employing proper replay protection, they should be able to properly deliver on B2X contracts.

But that means they need to lock up your BTC, right? I mean, neither BT1 nor BT2 (or their equivalent on BTCC) actually exist as real assets. Their existence is contingent upon the fork actually happening. If the fork doesn't happen, BT1 = BTC, and BT2 = 0. If HitBTC is offering these contracts without taking these precautions, I'd stay away from them.

[TheGodson]

Grrrrr, I was excited. Thought I could short it. Kind of odd though. If you can only buy the B2X then who is selling it? The exchange itself?

Presumably you can sell contracts short on HitBTC, too. But this all sounds pretty dicey. There are ways to do cash delivery (or bitcoin delivery) if there is a reliable underlying market and good liquidity, but here, there is neither. I don't understand how it can work unless they are splitting your coins into two different assets, like what BTCC and Bitfinex are doing. As long as the exchange is employing proper replay protection, they should be able to properly deliver on B2X contracts.

But that means they need to lock up your BTC, right? I mean, neither BT1 nor BT2 (or their equivalent on BTCC) actually exist as real assets. Their existence is contingent upon the fork actually happening. If the fork doesn't happen, BT1 = BTC, and BT2 = 0. If HitBTC is offering these contracts without taking these precautions, I'd stay away from them.

Is BTCC available for people residing in the US? I may be interested in getting some BT1. What do you think the chances of me getting screwed over and not receiving BTC after the hardfork?

[megynacuna]

Grrrrr, I was excited. Thought I could short it. Kind of odd though. If you can only buy the B2X then who is selling it? The exchange itself?

Presumably you can sell contracts short on HitBTC, too. But this all sounds pretty dicey. There are ways to do cash delivery (or bitcoin delivery) if there is a reliable underlying market and good liquidity, but here, there is neither. I don't understand how it can work unless they are splitting your coins into two different assets, like what BTCC and Bitfinex are doing. As long as the exchange is employing proper replay protection, they should be able to properly deliver on B2X contracts.

But that means they need to lock up your BTC, right? I mean, neither BT1 nor BT2 (or their equivalent on BTCC) actually exist as real assets. Their existence is contingent upon the fork actually happening. If the fork doesn't happen, BT1 = BTC, and BT2 = 0. If HitBTC is offering these contracts without taking these precautions, I'd stay away from them.

Is BTCC available for people residing in the US? I may be interested in getting some BT1. What do you think the chances of me getting screwed over and not receiving BTC after the hardfork?

I think you should look for exchanges that support it and then deal with them directly, almost everything on the internet is left to chance and you will have some amount of risk to bear and so be ready that it could go either way.